Mortgage Loans (Tables)

3 Months Ended

Mar. 31, 2020

Distribution Based on Carrying Amount of Mortgage Loans by Location

The distribution based on carrying amount of mortgage loans by location is as follows (in thousands, except percentages):


	March 31, 2020						December 31, 2019
East North Central	$	670,432	13.1	%	$	667,150	13.1	%
East South Central	149,651		2.9		144,887		2.8
Mountain	1,222,815		23.9		1,200,434		23.6
Pacific	889,300		17.4		852,574		16.7
South Atlantic	620,658		12.1		621,875		12.2
West South Central	1,248,628		24.4		1,272,522		25.0
Other	323,881		6.2		337,575		6.6
Total	$	5,125,365	100.0	%	$	5,097,017	100.0	%

Age Analysis of Past Due Loans

The age analysis of past due loans is shown below (in thousands):


	30-59 Days		60-89 Days		More Than						Total
March 31, 2020	Past Due		Past Due		90 Days		Total		Current		Amount		Percent
Apartment	$	—	$	—	$	—	$	—	$	432,155	$	432,155	8.3	%
Hotel	—		—		—		—		899,012		899,012		17.3
Industrial	13,068		—		4,091		17,159		638,947		656,106		12.7
Office	4,535		9,230		—		13,765		1,557,472		1,571,237		30.3
Retail	—		—		—		—		857,863		857,863		16.6
Other	4,637		—		—		4,637		763,800		768,437		14.8
Total	$	22,240	$	9,230	$	4,091	$	35,561	$	5,149,249	$	5,184,810	100.0	%
Allowance for credit losses											(59,445)
Total, net of allowance											$	5,125,365
December 31, 2019
Apartment	$	—	$	—	$	—	$	—	$	416,865	$	416,865	8.1	%
Hotel	—		—		—		—		901,044		901,044		17.6
Industrial	—		13,076		4,091		17,167		589,721		606,888		11.9
Office	22,870		—		—		22,870		1,587,591		1,610,461		31.5
Retail	—		—		4,122		4,122		843,467		847,589		16.6
Other	11,759		—		—		11,759		721,571		733,330		14.3
Total	$	34,629	$	13,076	$	8,213	$	55,918	$	5,060,259	$	5,116,177	100.0	%
Allowance for loan losses											(19,160)
Total, net of allowance											$	5,097,017

Nonaccrual and Past Due Mortgage Loans

The model also considers nonaccrual status and loans past due more than 90 days still on accrual as of March 31, 2020:


	Nonaccrual
	January 1, 2020		March 31, 2020
Mortgage loans
Commercial loans	$	4,091	$	4,091

Change in Allowance for Credit Losses in Mortgage Loans

The rollforward of the allowance for credit losses for mortgage loans is shown below (in thousands):


	Commercial Mortgage Loans
Beginning balance at January 1, 2020	$	19,160



Cumulative adjustment at January 1, 2020	11,216
Provision	29,069

Ending balance at March 31, 2020	$	59,445

The change in allowance for the three months ended March 31, 2020 was driven by the economic disruption caused by COVID-19 and subsequent to March 31, 2020 we are working with many of our mortgage loan borrowers, primarily those related to hotels, retail and parking operations, on loan modifications.

The asset and allowance balances for credit losses for mortgage loans by property type are shown below (in thousands):


	March 31, 2020
	Asset Balance		Allowance
Apartment	$	429,600	$	2,555
Hotel	872,450		26,563
Industrial	652,257		3,849
Office	1,565,346		5,891
Retail	852,213		5,650
Other	753,499		14,937
Total	$	5,125,365	$	59,445

Credit Quality Indicators for Amortized Cost of Mortgage Loans by Year

The amortized cost of mortgage loans by year of origination by property-type are shown below (in thousands):


	Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Total
Apartment	$	—	$	82,319	$	39,362	$	189,540	$	69,053	$	52,107	$	432,381
Hotel	—		54,043		203,956		219,528		148,142		274,135		899,804
Industrial	53,193		164,383		123,825		51,638		125,680		137,387		656,106
Office	—		53,326		189,338		349,173		315,911		663,489		1,571,237
Retail	22,584		41,237		108,546		81,359		224,469		379,668		857,863
Other	27,672		81,643		142,748		89,545		238,104		187,707		767,419
Total	$	103,449	$	476,951	$	807,775	$	980,783	$	1,121,359	$	1,694,493	$	5,184,810
Allowance for loan losses													(59,445)
Total, net of allowance													$	5,125,365